- Captura Biopharma, Inc. (“Captura Biopharma” or the “Company”) is developing oral chelators for the treatment of internal transuranic radionuclide contamination and heavy metal poisoning.
- Captura Biopharma intends to capitalize on the growing need for a better way to treat transuranic nuclear contamination and heavy metal poisoning.
- The Company’s novel oral chelator drug (C2E2), subject to approval by the relevant regulators, would be the first oral internal transuranic radiation contamination treatment: a tasteless oral powder which can be dissolved in water, stored on first response vehicles, at a hospital and in military packs and would be the first formulation for home storage and use.
- Target markets: governments, commercial entities and non-governmental organizations.
- Captura Biopharma’s management team has significant government contracting and pharmaceutical experience, led by CEO Michael Geranen and co-founder Anthony Soscia.
Captura Biopharma, an emerging biotechnology company developing and commercializing oral chelators to treat internal transuranic radionuclide contamination and heavy metal poisoning, and OceanTech Acquisitions I Corp. (“OceanTech”) (Nasdaq: OTEC/OTECU and OTECW), a special purpose acquisition company, today announced that they have entered into a definitive business combination agreement (the “Merger Agreement”) that will result in Captura Biopharma becoming a publicly listed company.
Upon closing of the transaction, OceanTech will be renamed Captura Biopharma Holdings, Inc. (the “Combined Company”), and it expects to remain listed on The Nasdaq Stock Market LLC.
Captura Biopharma Investment Highlights
Captura Biopharma is an emerging biotechnology company developing and commercializing oral chelators to treat internal transuranic radionuclide contamination and heavy metal poisoning.
A Stable, Easily Accessible Product for Transuranic Nuclear Contamination and Heavy Metal Poisoning is Needed: Captura Biopharma believes it is well positioned to serve this multi-billion-dollar market with an easily accessible, usable and affordable oral product.
- With the risk of transuranic element contamination from nuclear sources rising, the current treatment remains inadequate, in short supply and logistically unable to accommodate a real time mass casualty situation. Currently, almost half of the U.S. population lives within 100 miles of a nuclear power plant.
- The geopolitical risk with regard to potential nuclear accidents and intentional nuclear use is rising as a result of, among other things, Russia’s invasion of Ukraine and escalating tensions with Iran and North Korea.
- Lead poisoning (with its detrimental neurological effects) impacts one-third of the world’s children. Lack of treatment resulting from COVID-related supply chain issues with the leading drug is expected to dramatically increase incidence.
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Captura Biopharma Provides Right-Fit-Real-Time-Solution:
- Current Situation:
1) The current therapy for internal transuranic radionuclide contamination is delivered as a potassium or sodium salt in an IV-administered, injected or inhaled drug, which requires trained medical personnel to prepare and deliver. Chance of survival depends on how quickly treatment is received as radioactive elements deposit into bone and tissue quickly after exposure.
2) Treatment effectiveness declines if received after 24 hours. Currently, the national stockpile has only enough drugs to treat a relatively small incident, is stored in multiple sites around the country and may take days or more to arrive where needed. - Captura Biopharma’s Solution:
1) Easy and rapid daily self-administration: Invented by an expert in chelation therapies for heavy metal poisoning, Captura Biopharma’s novel oral chelator drug (C2E2) is a tasteless oral powder which can be dissolved in water.
2) Highly scalable: Captura Biopharma believes the manufacturing is highly scalable and can reduce logistical and medical complexity compared to the currently available emergency countermeasures.
3) Shelf stable product: C2E2 can be stored on first response vehicles, at a hospital and in military packs, and is expected to be the first formulation for home storage and use. Captura Biopharma believes its solution will revolutionize the treatment for catastrophic emergency internal transuranic radiation contaminations.
Management Commentary
Michael Geranen, CEO and Founder of Captura Biopharma, stated, “We believe that our solution could revolutionize the treatment for heavy metal poisoning and catastrophic emergency internal transuranic radiation contamination by offering a unique, easy to administer oral therapy for heavy metal poisoning. This therapy is designed to be highly scalable and to reduce logistical and medical complexity compared to the currently available emergency countermeasures. We have worked hard to be able to offer a shelf stable product that can be stored and administered practically from any location (first response vehicles, hospitals and in military packs, but also at home) and with less complexity than an intravenously administered, injected or inhaled product. As we continue our journey, we believe the merger with OceanTech will provide us with greater opportunity to take advantage of improved access to capital markets and to finance our growth.”
Joseph Adir, CEO of OceanTech added, “Since our IPO, we have been searching for the right merger target which had the potential to offer our investors meaningful returns on their investments. Although our original search was focused on the leisure marine market, we realized that this segment did not offer the returns we were looking for, thus when the opportunity with Captura Biopharma was presented to our Board of Directors, it was unanimously approved. Captura Biopharma offers an innovative solution to a global threat currently not being addressed adequately; existing solutions are either slow or unable to deal with real-time global threats arising from nuclear accidents or from the accelerations of global tensions. We believe that through this business combination, OceanTech will become the accelerator in providing the much-needed solution to deal with potential major health threats to the global population. We are excited to partner with the team at Captura Biopharma and we believe this business combination will allow a well-capitalized platform to quickly scale its business in multiple markets.”
Transaction Terms & Financing
The Combined Company would have an approximate post-transaction equity market capitalization of $224.3 million assuming a $10.00 per share price and no redemptions by OceanTech stockholders.
The business combination (the “Business Combination”) has been approved by the boards of directors of both OceanTech and Captura Biopharma, and is expected to close in the fourth quarter of 2022, subject to review and approval by the U.S. Securities and Exchange Commission (“SEC”) of the registration statement on Form S-4 (the “Registration Statement”) to be filed with the SEC, regulatory and stockholder approvals and other customary closing conditions. Additional information about the proposed transaction, including a copy of the merger agreement, will be available in a Current Report on Form 8-K to be filed by OceanTech with the SEC and at www.sec.gov.
Advisors
Nelson Mullins Riley & Scarborough LLP is serving as legal advisor to OceanTech. Ellenoff Grossman & Schole LLP is serving as legal advisor to Captura Biopharma.
Source: Biospace